Saudi Arabia will take more than planned to deal with the effects of the virus

US, WASHINGTON (ORDO NEWS) — Saudi Arabia will borrow more than previously planned in the debt markets to help fund $ 32 billion in economic measures to mitigate the effects of the coronavirus outbreak, the Kingdom’s Finance Minister said on Friday.

Mohammed al-Jadaan said at a press conference broadcast on state television that King Salman bin Abdulaziz Al Saud approved raising the debt threshold to 50% of GDP from 30%, but borrowing this year will not exceed 100 billion riyals ($ 26.61 billion).

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